Alex Saunders sued for $ 350,000 by Nuggets News followers

Australian crypto influencer Alex Saunders is being sued by an indignant follower on his YouTube channel and advisory service Nuggets News.

Plaintiff, Ziv Himmelfarb, primarily based in New Zealand, filed a proper written order with the High Court of Victoria on Aug. 11 asking Saunders to repay AU $ 479,270 ($ 353,027) for the unpaid loans, and investments weren’t made realized.

Speaking to the Australian Financial Review on Aug. 12, Himmelfarb mentioned he has adopted Saunders’ crypto remark since 2017 and says, “He’s made some great calls and for me he’s number 1 in the crypto space. ”

“It is not advisable to trust him.”

Himmelfarb claimed to have invested 4 Bitcoin (BTC) in Saunders for the primary time on February 17, after the influencer urged getting right into a crypto fund through Facebook Messenger. The BTC invested was price $ 198,646 on the time.

Himmelfarb mentioned Saunders then requested him to speculate $ 500,000 price of stablecoins in his upcoming DCB stablecoin mission. Plaintiffs allege that Saunders didn’t have the required licenses to supply funding merchandise to the general public.

In May, Himmelfarb claimed he additionally loaned Saunders 30 ethers (ETH) after the YouTuber requested him for assist with a “liquidity problem”.

“When he told me in May that he had temporary liquidity problems, I was happy to help with a short-term loan, but haven’t gotten any money back since. Hopefully the money can be refunded to me, ”mentioned Himmelfarb.

Related: Nuggets News CEO sacked for allegedly unpaid loans and mutual funds

As Cointelegraph reported on July 28, Saunders recognized himself in boiling water final month after allegations surfaced that he owed a considerable amount of Bitcoin to its workers, together with allegations that the funds invested in DCB have been being diverted to crypto exchanges akin to FTX .

Saunders didn’t instantly reply to Cointelegraph’s request for remark.